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O
Orengulasa
Level 1
February 3, 2021
Question

IRA DISTRIBUTION PENALTY

  • February 3, 2021
  • 1 reply
  • 9 views

Hi,

In 2020, The IRS waived the 10% penalty on IRA hardship withdrawal and allow tax to be deferred for 3 years. Pro-connect still calculate the penalty and bring it over to the 1040. 

I would need help to override it. 

thanks!

This topic has been closed for replies.

1 reply

T
TaxGuyBill
Level 15
February 4, 2021

It is not for a "hardship" withdrawal, it is for a qualified COVID related distribution.

Form 5329 is to waive the penalty and Form 8915-E to spread it out over 3 years.  But 8915-E is probably not ready yet, so you will need to wait a couple of weeks.

 

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